Friday, 29 October 2010

15:32 - SPX Update on the bullish and bearish counts

Markets still poised to go either way:

Bear count:
SPX 1 min - bearish count:

Staying below 1189.53 is crucial on this labelling, but with the other bear count mentioned in previous updates, 1196.14 remains the ultimate invalidation point for the bear count.

SPX 1 min - bullish count:
If we take out 1189.53, that could be wave [D] of the triangle so its not necessarily bullish because we'd then expect a drop in wave [E].

If we drop from here without taking out 1189.53, I'd assume its wave [E] but we have to stay above 1171.70 for that to remain valid.